7% drop in family house prices

THE PRICE of an average family home in Leinster dropped by 7.3% last year according to a recent survey.

THE PRICE of an average family home in Leinster dropped by 7.3% last year according to a recent survey.

the Society of Chartered Surveyors Ireland ann

The average price of a second-hand 3-bedroom semi detached house in Leinster and the South East declined by 7.3% in 2012. This compared with a 16.4% decline in 2011 according to the Society of Chartered Surveyors Ireland (SCSI) annual survey of its estate agent members.

The SCSI survey also suggested that there continued to be strong levels of activity in the residential rental market in 2012 with rents increasing by an average of 2.5% in Leinster and the South East.

“Family homes are in demand for rental, tenancies are typically lasting longer and a new trend whereby people are renting out their home and renting another property, either a larger home or closer to workplaces is emerging” McCormack said.Agricultural land performed well again in 2012 following on from strong performance in 2011. The SCSI survey suggests that the average price per acre with entitlements (up to 100 acres) was €9,768 in 2012 compared to €9,662 in 2011.

The national average for agricultural land now stands at approximately €10,000 per acre with or without entitlements.

The full report is available at http://www.scsi.ie/SCSIAnnualPropertyReport2012